Question 3: Sam’s Retails has the following data available as of 30 June 2019. Required: From the data, establish an income statement and a balance sheet
Sam’s Retails Data as of 30 June 2019
Sales
Administration expense Shop Lease
Cash at Bank
Costs of Good Sold Wages and salaries Accounts payables Miscellaneous Expense Land and buildings
542,000 1,500 24,000 175,000 274,000 38,500 15,050 2,500 127,000

Supplies expenses
Prepaid by a client for the company service Prepaid Insurance
Vehicles
Mortgage
Supplies
Account receivables
600 15,000 3,000 34,000 320,000 45,000 102,000
Note: Company income tax 30%, during the accounting period. The company has paid 2.5% of interest on the mortgage. Profit is retained for further investment

Cash flow is often a problem for small businesses. how can an entrepreneur increase cash flow? a) locate lower-priced suppliers. b) forego sending in estimated tax payments to the irs c) shorten the terms on a bank loan to pay it off more quickly d) sell more low-margin items.

Uppose that the federal reserve purchases a bond for $100,000 from donald truck, who deposits the proceeds in the manufacturer’s national bank. what will be the impact of this purchase on the supply of money? the money supply will increase by $100,000. the money supply will increase by $80,000. the money supply will increase by $500,000. this action will have no effect on the money supply. if the reserve requirement ratio is 20 percent, what is the maximum amount of additional loans that the manufacturer’s bank will be able to extend as the result of truck’s deposit? the maximum additional loans is $100,000. the maximum additional loans is $80,000. the maximum additional loans is $20,000. the maximum additional loans is $500,000. given the 20 percent reserve requirement, what is the maximum increase in the quantity of checkable deposits that could result throughout the entire banking system because of the fed’s action? this action will have no effect on the money supply. the money supply will eventually increase by $80,000. the money supply will eventually increase by $500,000. the money supply will eventually increase by $100,000.

Perry is a freshman, he estimates that the cost of tuition, books, room and board, transportation, and other incidentals will be $30000 this year. he expects these costs to rise about $1500 each year while he is in college. if it will take him 5 years to earn his bs, what is the present cost of his degree at an interest rate of 6%? if he earns and extra $10000 annually for 40 years, what is the present worth of his degree.?